General overview for 14/09/2016:

Another upward impulsive rally has been made with the temporary top just above the intraday resistance at the level of 115.94. This impulsive wave progression might be a part of a wave (iii) or, as indicated by the alternative count, it might be wave c of the still developing wave (b). No key level has been clearly violated, so both of the scenarios are equally valid right now. The key level to the upside is at a local swing high at the level of 116. 36 and the key level to the downside is at the level of 113.81.

Support/Resistance:

112.82 – WS1

115.15 – Weekly Pivot

115.47 – Intraday Support

115.94 – Intraday Resistance

116.36 – Local High

116.52 – WR1

Trading recommendations:

Day traders should consider moving the SL in all the buy orders up to the level of 115.45 and still keep the TP open.

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The material has been provided by InstaForex Company – www.instaforex.com

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